A top Bitcoin mining executive expects prices to continue rising in the ongoing bull market cycle.
In an interview with Bernstein, a Wall Street major, the CEO of CleanSpark predicted that Bitcoin (BTC) will rise to $200,000 in the next 18 months. If his point of view is correct, he expects the currency to rise by 210% from its current levels.
CleanSpark CEO is bullish on Bitcoin
Zachary Bradford cited several potential catalysts for Bitcoin, including interest rate cuts from the Federal Reserve, the conclusion of the US general election, and post-halving cycle dynamics. According to The Block.
Well-managed, low-cost mining companies are also expected to outperform companies such as Core Scientific and TeraWulf, which are diversifying into artificial intelligence.
Bradford’s statement is noteworthy because he runs CleanSpark, the third-largest mining company in the industry by market capitalization, after Marathon Digital and Core Scientific.
The latest results show that CleanSpark’s Revenues rose to $289 million in the nine months to June, while adjusted EBITDA rose to more than $238 million.
CleanSpark is also one of the largest US corporate holders of Bitcoin, holding 7,558 coins worth $482 million on its balance sheet.
Bradford joins other prominent analysts who have made bullish statements on Bitcoin. In a recent interview with CNBC, MicroStrategy founder Michael Saylor predicted that the currency will reach $13 million by 2045. MicroStrategy owns more than 252,000 bitcoins, which would be worth more than $3.2 trillion if it reaches the target level.
BlackRock, the largest asset management company with assets of more than $10.4 trillion, also gave a positive outlook on Bitcoin. In a white paper, three senior executives argued that Bitcoin was an ideal asset for portfolio diversification.
Ki Young Ju, founder and CEO of CryptoQuant, also believes that Bitcoin is in the middle of a bull cycle that could push it higher.
Bitcoin odds also jumped to a new all-time high on Polymarket, the fast-growing forecasting platform.
Bitcoin needs to flip a major resistance level
Bitcoin has formed some positive technical patterns. On the daily chart, the pair formed an inverse head and shoulders pattern and remained above the 50-day and 200-day EMAs. It also forms a falling expanding wedge pattern since March.
However, the main challenge is that it found a strong resistance point around the $68,000 level. It has failed to move above this trend line five times since March.
Therefore, a break above this trend line would indicate further upside, as the initial target would be $73,777, its highest point this year.
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